REGISTRATION STATUS

NOTICE FILINGS

Investment adviser firms registered with the SEC may be required to provide to state
securities authorities a copy of their Form ADV and any accompanying amendments
filed with the SEC. These filings are called "notice filings". Below are
the states with which the firm you selected makes its notice filings. Also listed
is the date the firm first became notice filed or registered in each state.

Not Currently Notice Filed

EXEMPT REPORTING ADVISERS

Exempt Reporting Advisers ("ERA") are investment advisers that are not required to register as investment advisers because
they rely on certain exemptions from registration under sections 203(l) and 203(m) of the Investment Advisers Act of 1940 and related rules.
Certain state securities regulatory authorities have similar exemptions based on state statutes or regulations.
An ERA is required to file a report using Form ADV, but does not complete all items contained in Form ADV that a registered adviser must complete.
Other state securities regulatory authorities require an ERA to register as an investment adviser and file a complete Form ADV.
Below are the regulators with which an ERA report is filed.

Not Currently an Exempt Reporting Adviser

Registration Status Explanation

Registration Status Explanation - IAPD can display various registration statuses for firms.They are listed in the table below.

Registration Status

Description

SEC

State

Approved

Adviser's registration is approved by
SEC / jurisdiction(s).

X

X

120-day Approval

Adviser's registration is approved, subject
to the conditions of the 120-day rule (Rule 203A-2(c)).

X

*Conditional Restricted

A registration status indicating that the firm
is allowed to work in a restricted fashion, such as requirements
for extra supervision.

X

*Limited

A registration status indicating the firm is operating
in a 'limited' capacity, such as only being
able to sell mutual funds.

X

*Suspended

SEC / jurisdiction(s) has suspended adviser's
registration for a specified period of time.

X

X

Termination Requested

A registration status prompted by an ADV-W filing.

X

Failure to Renew

A registration status prompted by an IA that did not pay
renewals fees.

Adviser transitioned from SEC standalone registration to SEC Relying Adviser registration. A Relying Adviser is an investment adviser registered with the SEC that relies on a filing adviser to file (and amend) a single umbrella registration on its behalf.

X

* May not apply to all states.

Reporting Status Explanation

Reporting Status Explanation - IAPD can display various reporting statuses for firms. They are listed in the table below.

Reporting Status

Description

SEC

State

ERA-Active

The investment adviser is currently filing as an Exempt Reporting Adviser and provides reports to SEC / jurisdiction(s).

X

X

ERA-Withdrawn

The investment adviser has filed a final report and is no longer an Exempt Reporting Adviser with the SEC / jurisdiction(s).